The Economics of Poverty in American Society Essay examples

Living in the United States, many of us do not think about poverty too much. Most people in the United States are above poverty level. They do not think about the less fortunate of America. Economics is the main factor of poverty in American Society, and more specifically, macroeconomics since it deals with the aggregate economy. To understand poverty and the poverty level, we need to see how the United States determines the poverty level each year. The United States Department of Agriculture in 1955 determined that one third of the income level for a family of three or more was spent on food. Thus, multiply the amount of income spent on food for the year by three and you approximately have the poverty level. If a family’s income falls†¦show more content†¦By age, 16.2 percent were under the age of eighteen, 9.4 percent were between 18 and 64, and 10.2 percent were 65 and over. Location of the family is also a determinant of poverty with the inner cities holding 16.1 percent of the poverty-stricken while only 7.8 percent lived in the suburbs. To bring this to more present data, the poverty level for a family of four in 2002 is $18,100. nbsp;nbsp;nbsp;nbsp;nbsp;The United States government has many programs to help combat poverty. The main program is through welfare. The welfare program is where money is given to applicable recipients whose household assets are below the federal or state mandated limits. This is to help them get back on their feet again. The Food Stamp program is where stamps are offered to be used on food goods only. This can help alleviate cash flow problems and allow families to save their money. The program Temporary Assistance for Needy Families was created in 1996 by the Welfare Reform Law. They provide assistance to needy families and also help with job opportunities. Another program is Supplemental Security Income, affiliated with the Social Security Program. The program is for the elderly, blind, or disabled people with little or no income. They provide money for food, clothes, and shelter to those qualifying. nbsp;nbsp;nbsp;nbsp;nbsp;Poverty is a problem in macroeconomics for many reasons. Unemployment affects the United States by putting a burden on the government for supportShow MoreRelatedHow Poverty Causes The Greatest Suffering On Humans1144 Words   |  5 PagesOrganization described that poverty causes the greatest suffering on humans. Poverty leads to people living in a state of financial instability that causes both physical and emotional stress. The problem of poverty has continued to be a problem to both the developing and the developed countries all over the world. The main focus in this paper is on poverty in America and how it affects the American economy. 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